Mid-cap drugmakers face limited impact from Trump drug pricing deals, analysts say

Incyte

01/09/2026 11:33

   ** Impact of the Trump administration's new round of drug-pricing agreements with mid-sized biotech companies will be muted, RBC Capital Markets says 
** On Monday, the Trump administration signed deals with companies including Astellas 4503.T, BeOne Medicines 688235.SS and BridgeBio BBIO.O
   ** These companies have offered drugs to state Medicaid programs at most-favored-nation prices, that would require U.S. drug prices to be pegged to the lowest price paid by comparable high-income countries
** Medicaid already receives some of the steepest drug discounts, and exposure to the program is limited for most of the mid-cap companies we cover, RBC Capital Markets analysts said
** "We do not see our covered names sustaining any meaningful commercial impact and we think the perception of a removed overhang could, if anything, bring incremental upside" RBC analysts 
** For BBIO, analysts said the deal has limited impact commercially as Medicaid represents less than 2% of Attruby net sales
** Up to last close, Tokyo-listed shares of Astellas were up 15.4%, U.S.-listed shares of BeOne up 18.4%, BBIO up 0.13% YTD        
   

 (Reporting by Sneha S K)
 ((Sneha.SK@thomsonreuters.com;))